LSG Establishes LASRERA to Regulate Real Estate Sector

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SWITZERLAND, JUNE 12 – Following a series of complaints about fraudulent dealings in the real estate sector, The Lagos State Government has set up an agency, Lagos State Real Estate Regulatory Authority, LASRERA, to monitor activities of estate agents and tenancy transactions in the state.

Speaking at a briefing, Special Adviser to the Governor on Housing, Mrs. Toke Benson-Awoyinka stated that it’s no longer business as usual in the sector, adding that no one can practise as a real estate agent and company without been licensed, as failure to comply would lead to sanctions.

During the unveiling of the LASRERA’s portal and logo, Benson- Awoyinka informed residents that any complaints regarding fraudulent agents can be lodged at no cost to the agency which will is responsible for prosecuting such miscreants.

In her words, “we are well aware of the trend of fraudulent practices of some real estate agents/ property developers.

“This is reflected in the complaints received by the ministry in recent times of residents who had fallen victims to fake real estate practitioners/ property developers while seeking accommodation, purchasing/selling of properties.

“As you all know, Lagos State has been the commercial and economic nerve centre of Nigeria and Africa with investment opportunities, hence the net migration to the state. The state government has worked tirelessly over the years to curb the increasing fraudulent practices in this sector and this explains the need to sanitise the industry.”

Benson-Awoyinka added that LASRERA will also investigate complaints and petitions against licensed estate agency practitioners and collate data on property transactions.

She, therefore, implored estate agents to get registered and get certified on the agency’s website, stating that anyone with at least a secondary school certificate and has gone through training on real estate agency would be certified by the state government to practise.

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